SFO set to investigate failed Icelandic bank

Laura Miller
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The Serious Fraud Office (SFO) has launched a criminal investigation into failed Icelandic bank Kaupthing.

The Office will investigate what happened in the run up to the bank's collapse in October 2008, including how some individuals were able to withdraw large funds just days before it fell. Another focus will be why some of Kaupthing's clients were allowed large loans backed with minimal collateral and deferred interest payments, including property tycoon Robert Tchenguiz who borrowed £1.25bn to buy stakes in Sainsbury and pubs giant Mitchells & Butlers. The SFO is particularly interested in the bank's efforts to attract UK investors to the purportedly ‘high yield' deposit account, Kaupt...

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